Marginal product and average product are measured in
A) dollars.
B) profit terms.
C) units of production.
D) the same units as marginal cost and average total cost.
Answer: C
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The following are possible examples of price discrimination except
A) prices in export markets are lower than for identical products in the domestic market. B) senior citizens pay lower fares on public transportation than younger people at the same time. C) a product sells at a higher price at location A than at location B, because transportation costs are higher from the factory to A. D) subscription prices for a professional journal are higher when bought by a library than when bought by an individual.
Which of the following equations based on capital (K) and labor (L) inputs does not represent a plausible production function?
A) F(K,L) = 3KL B) F(K,L) = 3K C) F(K,L) = K + L - 1 D) F(K,L) = 10(KL)0.5